Your employees work hard for your company. They deserve to retire with a package that will support them in their golden years. Several factors play into the decision when looking for the best plan to protect your retirees.
Administration of the Plan
To administer a successful plan, choosing the right retirement planning and services package is key. It is ideal to find a comprehensive plan that includes many considerations, including well-defined benefits and cash allocations. Important items include:
- 401(k) and 403(b) Planning and Administration
- Distribution Considerations and Compliance Testing
- Cross-Tested Calculations
Additional services, including termination of plans or new acquisitions and mergers, should also be considered when choosing a plan.
Compliance With Regulations
The IRS must approve certain documents with annual updates. Because retirement planning documents must comply with these regulations, it’s crucial to employ an organization that understands and addresses all necessary legal requirements. If the IRS finds discrepancies during an audit, a competent service provider will help to settle these disputes and minimize any penalties handed out.
The retirement service must also understand the fiduciary compliance responsibilities to reduce their client’s risk of possible litigation in the future. Actuary services are an important consideration as well when designing and maintaining accurate calculations that comply with the laws.
Make sure the retirement service provider you choose protects your business and your workers.